In late 2006, Michael began to notice significant stress on the credit markets and by 2007 advised his partners to start selling
properties. Under Michael’s leadership, CEI successfully sold approximately 80% of its portfolio for significant gains prior to the
crash of 2008. In 2008 through 2010, Michael focused CEI’s investments on purchasing blocks of distressed single family homes in
some of the hardest hit areas in the country as well as investing in real estate related operating companies.

In 2010, before large numbers of developers jumped into the multifamily development game, Michael saw an opportunity to build Class A apartments in top cities around the US and led CEI to amass a development pipeline of over 5,100 luxury apartments with projected value in excess of $5 Billion in ten top Markets.

Prior to 2001, Michael practiced law at two international law firms - Perkins Coie and Milbank Tweed - representing creditors in
distressed real estate debt and equity reorganizations. Michael’s background gives him a unique perspective into real estate
finance and an in-depth understanding of real estate cycles, which he has successfully timed since 2001. Michael was also heavily
involved in restructuring debt & equity relationships for clients, and repositioning distressed projects across both commercial
and residential asset classes. Michael received his JD from the UCLA School of Law.

Alla Sorochinsky

Managing Director & Chief Financial Officer

As Managing Director and Chief Financial Officer of CEI, Alla Sorochinsky oversees the execution of the CEI vision. Heading
finance, asset management and development, she ensures that CEI functions at the highest level of efficiency, integrity and
quality.

Between 2001 – 2010 Alla managed the company’s 3,500 unit value-add portfolio, adding significant value through heavy renovation,
effective financing strategies and top notch asset management. When the company shifted its focus to ground up Class A development,
Alla became instrumental in creating an asset management platform for new development assets.

Previously, Alla was the financial controller of several publicly traded technology companies. Alla graduated from the University
of California, Los Angeles, with a degree in International Economics and received a Master's degree from the University of Southern California. Upon graduation Alla joined BDO Seidman LLP where she received her CPA license.

Bruce Fairty

Chief Operating Officer

Bruce Fairty joined Cypress Equity Investments as Chief Operating Officer with thirty-five years of multifamily real estate
development experience and investment background as a principal. Immediately prior to joining CEI, Bruce was active as a developer
in the San Francisco Bay Area, first as a partner with the Castle Group Company and then as a partner with Thompson-Dorfman
Partners. At Thompson-Dorfman and the Castle Group Bruce oversaw the acquisition, entitlement and development of approximately
4,400 units in San Francisco and the Bay Area. At Castle he led the company’s efforts in the use of modular construction processes
for multifamily projects.

Prior to moving to San Francisco Bruce was a developer in Florida and founded Heritage Development Company in 1996 in partnership
with Chicago's Pritzker family where he oversaw all aspects of the development process for over 5,600 units. Between 1990-1995, he
acquired over 6,000 REO and distressed debt units as Co-founder of Bailey Capital Company in partnership with the Whitehall Fund
and Apollo Real Estate Advisors.

Previously, Bruce was CFO of Trammell Crow Residential's Central Florida Division and later Area Partner, responsible for
overseeing the development of 8,500 multifamily units across four regional divisions. Mr. Fairty received his undergraduate degree from Drew University and MBA from Rutgers University.

Shu-Chi Hsu, AIA

Senior Vice PresidentDevelopment

As Senior Vice President of Development and a licensed architect in California, Shu-Chi Hsu oversees development efforts at CEI. Previously at Killefer Flammang Architects, Shu-Chi specialized in advising real estate developers to achieve highest and best use of site and optimal entitlement process. Her clients included Trammell Crow, Related Company, NMS Properties, and Century West Partners.

Shu-Chi founded Workshop Levitas, a non-profit public art group, to collaborate on experimental art in galleries and under-served
communities. She has published work in The Los Angeles Times, Architectural Record, SPA-DE Space & Design in Japan, Hatch, among
others. Shu-Chi received an MBA in Finance and Global Management from the UCLA Anderson School of Management and a Master of
Architecture degree from Southern California Institute of Architecture.

Min Zavarella

Senior Vice PresidentConstruction

Min Zavarella is Senior Vice President of Construction for Cypress Equity Investments, and brings over 40 years of experience in
various sectors of the construction industry including nuclear, petrochemical, water treatment, commercial, hospitality,
entertainment, and residential. In his role at CEI, Min is responsible for the oversite and management of all projects during the
preconstruction and construction phase; developing and nurturing contractor relationships; exceeding expectations throughout the
construction process; and achievement of ownership financial goals.

Previously, Min served as Vice President and COO of Suffolk Construction's Los Angeles division, where he managed considerable
growth of field and ops support staff as well as project pipeline from 2014 to 2017. In addition to his many years in operations,
as a former Director of Preconstruction for Bernards Construction, Min also offers valuable project preplanning expertise.

Min's career experience includes major projects such as The Hotel and Residences at LA Live, Symantec Corporation R&D in Culver
City, Interactive Corp HQ in West Hollywood, Santa Monica Public Service Facility in Santa Monica, Howard Hughes Center, Sunset La
Cienega (residence/hotel towers) in West Hollywood, Grand Hope Lofts in Los Angeles, Park Fifth in Los Angeles, 11 x 12 in Los
Angeles, Rolling Hills Country Club in Rolling Hills Estates, The Meridian Condominiums in Newport, G12 in Los Angeles, Olin Hall
School of Engineering at USC, Uytengsu Aquatic Center at USC, as well as projects for Disney and Universal Studios.

Min is a graduate of the College of Steubenville and received his Bachelor of Science in Accounting and Business Management and his Bachelor of Arts in English. He is also a LEED® Accredited Professional (AP).

Previously, Claudia was Director of Marketing Services at Disney Interactive Studios, the video game division of The Walt Disney
Company. She received an MBA from The Anderson Graduate School of Business at UCLA, a BS in Business from The Haas School Of
Business at UC Berkeley, and is an accomplished photographer.

Adrian Berger

Senior Vice President Acquisitions

As Senior Vice President of Acquisitions, Adrian is responsible for sourcing and analyzing new investment opportunities, including real estate acquisitions and equity co-investments across the US; as well as fostering and growing CEI’s network of equity partners, lenders and brokers.

Adrian brings over 15 years of business development experience in roles in New York, Hong Kong, Singapore and Australia. Prior to joining CEI in 2015, Adrian lived in New York where he grew a successful real estate brokerage business focused on investment sales and retail leasing.

Adrian is originally from Sydney, Australia and completed his MBA at the Macquarie Graduate School of Management in Sydney in 2004. He also has an Advanced Diploma in Telecommunications Engineering from the Lidcombe College of TAFE in Sydney.

James Puleo

Senior Vice President Development

As Senior Vice President of Development, James Puleo oversees development activities on the east coast for CEI. Previously at BNE Real Estate Group for 13 years, he oversaw the entitlements, design and construction of over 4,000 apartments and helped raise BNE to be one of the premier development groups in the state of NJ.

Prior to BNE he worked in NYC and Miami with Plaza Construction for 10 years. James has his BA in Economics from Colgate University.

Mike Diacos

Vice President Acquisitions

As VP of Acquisitions, Mike is responsible for the sourcing and closing of acquisition opportunities. Mike also manages the due diligence, project management and entitlement process.

Prior to joining CEI, Mike worked as a broker for Land Advisors Organization in Irvine. Mike spent 3 years representing investors, developers and homebuilders in the acquisition of off-market, residential land within the Southern California marketplace. Mike graduated from Arizona State University with a Bachelor’s degree in Urban Planning.

Josh Fox

Controller

As Controller, Josh supervises the CEI’s financial reporting and cash management functions. His responsibilities include
construction and property management accounting, construction draws, financial reporting, financial projections and cash
management. He also provides support in acquisitions, loan origination and deal closings.

Prior to joining the team, Josh worked as Controller at Fortress Builders, a real estate developer in Atlanta specializing in
single family home development projects. Josh graduated from Georgia Southern University with a Bachelor’s degree in Business
Administration with a concentration in Accounting and a Master’s degree in Accounting. Josh has also been a Certified Public
Accountant since 2014.

Prior to joining the CEI team, Zach worked as an Analyst with BlueGate Partners, a real estate advisory firm in New York City specializing in structured finance and institutional brokerage. Zach graduated from Northeastern University with a Bachelor’s degree in Economics and Business Administration with a concentration in Finance.

Aaron Sorochinsky

Associate

As an Associate, Aaron focuses on underwriting new investment opportunities and analyzing development capitalization strategies. Prior to joining CEI in 2018, Aaron worked as an Analyst at Silverpeak Real Estate Partners, a New York City-based private equity firm, specializing in real estate acquisitions.

Aaron graduated from New York University with Honors and holds a Bachelor’s degree in Finance and Management.

Tim Mason

Associate

As an Associate, Tim focuses on underwriting new investment opportunities and analyzing development capitalization strategies. His responsibilities include financial modeling to support acquisitions and the CEI pipeline, assessing capital markets and project financing, and transaction due diligence.

Prior to joining CEI, Tim worked as an Analyst in the New Jersey office of HFF, a real estate advisory firm specializing in structured finance. Tim graduated from the University of Pennsylvania with a Bachelor’s degree in Political Science and a minor in Urban Real Estate & Development.